Bitcoin, Ethereum Technical Analysis: BTC Below $17,000, as ETH Nears $1,200 Breakout
Bitcoin fell below $17,000 on Dec. 16, as bearish pressure continued to intensify following yesterday’s disappointing U.S. retail sales figures. Sales in the United States were down by 0.6%, which news came less than 24 hours after the Federal Reserve moved to hike interest rates. Ethereum moved closer to the $1,200 level in today’s session. Bitcoin
Bitcoin (BTC) fell below $17,000 in today’s session, as markets continued to react to last month’s retail sales data.
As retail sales in the United States disappointed, BTC/USD slipped to an intraday low of $16,997.54 earlier in the day.
This comes less than a day after prices were nearing a breakout of $18,000, hitting a peak of $17,725.88 in the process. BTC/USD – Daily Chart
Looking at the chart, bearish pressure intensified following a breakout of a floor at $17,200, with the price now trading $17,023.22.
This slight reversal comes as the 14-day relative strength index (RSI) moved close to a support point of 45.00.
The index is currently tracking at the 47.05 level, and should price strength hit the aforementioned floor, BTC could land at $16,800. Ethereum
Ethereum (ETH) was also lower on Friday, as the world’s second largest cryptocurrency fell closer to the $1,200 mark.
ETH/USD hit a bottom of $1,210.35 earlier in the day, which comes after trading at a high of $1,291.32 on Thursday.
Today’s drop sees ethereum move lower for a third consecutive session, breaking out of a key resistance level of $1,230 in the process. ETH/USD – Daily Chart
As of writing, ETH is nearly 5% lower than yesterday’s peak, with the RSI tracking at 43.50, which is near a key floor.
This point of support is at the 42.00 mark, and hasn’t been reached since November 28, when ETH was below $1,200.
Should price strength continue to head towards this bottom, there is a strong possibility that ethereum will be trading under $1,200.
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Could we see ethereum bulls reenter the market this weekend? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Solana Struggles to Remain in the Top 20 as Prior Ties to FTX and Alameda Wounded the Project MARKET UPDATES | 5 hours ago Biggest Movers: ADA Hits All-Time Low on Friday, MATIC Extends Recent Downtrend MARKET UPDATES | 6 hours ago
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